Summary of Liquid Cooling Industry Conference Call Industry Overview - The liquid cooling industry is experiencing significant growth driven by the surge in data center cooling demands and stricter PUE (Power Usage Effectiveness) regulations. The global AIDC (Artificial Intelligence Data Center) liquid cooling market is projected to reach approximately 110-115 billion RMB by 2026 [1][9]. Key Points and Arguments - **Market Dynamics**: The cost of cooling systems is expected to double to around 10% of total costs due to rapid server iterations. For instance, the value of server modules increased from $75,000 to $95,000, a 20% rise, as the GB300 phase introduced independent cold plates for each GPU [9][10]. - **Liquid Cooling Technology**: The technology is categorized into indirect contact, direct contact, and spray cooling. The single-sided cold plate is dominant in the North American market, while the Inrow model is suitable for new data centers, and the Inrack model is for retrofitting existing centers [2][6][7]. - **Key Components**: Liquid cooling plates are critical components, with significant technical barriers in the design and manufacturing of microchannel plates. These plates enhance heat transfer but require high stability and leak-proof performance [3][8][12]. Emerging Opportunities - **Domestic Supply Chain**: The opening of supplier permissions by NVIDIA in the GB300 phase allows domestic suppliers to enter the market, increasing the demand for cost-effective solutions as NVIDIA shifts towards cloud services [10][11]. - **Company Performance**: Leading companies like Yingwei and Hongsheng are expected to achieve significant performance milestones by 2026. Yingwei's market value is projected to reach 150 billion RMB, while Hongsheng's profits are expected to exceed 300 million RMB [3][5][14]. Additional Insights - **Technological Challenges**: The manufacturing of microchannel plates faces challenges such as low yield rates and high costs due to complex processes. Companies are actively experimenting to find efficient and cost-effective solutions [12][13]. - **Competitive Landscape**: Yingwei is recognized as a leading player with substantial orders from major clients like Google, while Hongsheng is positioned well within the supply chain, indicating a competitive edge in the liquid cooling market [14]. Conclusion - The liquid cooling industry is poised for rapid growth, driven by technological advancements and market dynamics. The shift towards domestic supply chains and the performance of key players will be crucial in shaping the future landscape of this industry [4][10].

证券日报网讯12月11日，宏盛股份（603090）在互动平台回答投资者提问时表示，截至2025年12月10日 股东数是13073户。 ...

Investment Rating - The report indicates a positive outlook for the liquid cooling industry, highlighting the entry of domestic supply chains and the expected growth in market value [1]. Core Insights - Liquid cooling technology is deemed essential for addressing the heat dissipation challenges in data centers, offering advantages such as low energy consumption, high cooling efficiency, low noise, and reduced total cost of ownership (TCO) [3][10]. - The value of liquid cooling systems is projected to increase significantly with the upgrade of chips, with estimates suggesting that the market for ASIC liquid cooling systems could reach 35.3 billion yuan and for NVIDIA systems could reach 69.7 billion yuan by 2026 [4]. - The report emphasizes the transition from traditional air cooling to liquid cooling as a necessity due to the rising power density of chips, with liquid cooling becoming a mandatory solution for high-density server environments [21][31]. Summary by Sections Liquid Cooling Technology - Liquid cooling is identified as a critical solution for data center heat dissipation, leveraging the high thermal conductivity and capacity of liquids compared to air [10][14]. - The technology is characterized by its ability to significantly reduce energy consumption and improve cooling efficiency, with liquid cooling systems capable of achieving a PUE (Power Usage Effectiveness) of below 1.2 [14][31]. Liquid Cooling Industry - The report notes that the value of liquid cooling will rise alongside chip upgrades, with a projected growth of over 20% for rack liquid cooling modules as chip power density increases [4]. - Domestic supply chains are expected to accelerate their entry into the market, particularly as NVIDIA opens its supplier list to include multiple vendors, allowing for greater competition and innovation [4]. Rubin Architecture Outlook - The report discusses the limitations of single-phase cold plates for the Rubin architecture, which has a thermal design power (TDP) of 2300W, necessitating the exploration of new liquid cooling solutions such as phase change cold plates and microchannel cold plates [4][21]. - Microchannel cold plates are anticipated to become a preferred solution due to their ability to handle higher power densities and their compatibility with future architectural developments [4]. Related Companies - The report suggests monitoring companies such as Yingweike, Shenling Environment, Gaolan Co., Hongsheng Co., Zhongke Shuguang, and Jieban Technology, as they are positioned to benefit from the increasing demand for efficient and energy-saving heat exchange solutions in data centers [5].

Group 1 - The core point of the article is that Hongsheng Co., Ltd. (603090) has responded to investor inquiries, indicating that the number of shareholders is expected to reach 11,628 by November 28, 2025 [1]

Summary of Key Points Core Viewpoint - The announcement details the share reduction results of Wuxi Hongsheng Heat Exchanger Manufacturing Co., Ltd., specifically regarding the shareholding changes of a significant shareholder, Changzhou Zhongke Jiangnan Equity Investment Center (Limited Partnership) Group 1: Shareholder Basic Situation - As of the share reduction plan announcement date (August 8, 2025), Changzhou Zhongke held 2,859,400 shares, accounting for 2.8594% of the company's total share capital. These shares were acquired before the company's initial public offering and were released from restrictions on August 31, 2017 [2]. Group 2: Implementation Results of the Reduction Plan - On November 28, 2025, the company received a notification from Changzhou Zhongke regarding the share reduction results. As of the announcement date, Changzhou Zhongke had reduced its holdings by 1,000,000 shares, representing 1.00% of the company's total share capital. Future reduction plans will be subject to subsequent announcements [2]. Group 3: Compliance and Execution of the Reduction Plan - The reduction plan was executed in accordance with relevant laws and regulations. The actual reduction matched the previously disclosed reduction plan, and there were no violations of the reduction plan or other commitments [4].

Group 1 - The core point of the article is that Hongsheng Co., Ltd. announced the completion of a share reduction plan by its shareholder, Changzhou Zhongke, which has reduced its holdings by 1% of the total share capital [1] - As of the announcement date, Changzhou Zhongke has cumulatively reduced its shares by 1 million shares through the Shanghai Stock Exchange's centralized bidding trading system [1] - For the first half of 2025, Hongsheng's revenue composition is as follows: 92.49% from general machinery manufacturing, 4.64% from electrical machinery and equipment manufacturing, and 2.88% from other businesses [1] Group 2 - As of the report, Hongsheng Co., Ltd. has a market capitalization of 4.5 billion yuan [1]

股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603090 证券简称：宏盛股份 公告编号：2025-034 无锡宏盛换热器制造股份有限公司 (一)大股东及董监高因以下事项披露减持计划实施结果： 披露的减持时间区间届满 | 股东名称 | 常州市中科江南股权投资中心（有限合伙） | | --- | --- | | 减持计划首次披露日期 | 2025 年 8 月 8 日 | | 减持数量 | 1,000,000股 | | 减持期间 | 2025 年 9 月 1 日～2025 年 11 月 30 日 | | 减持方式及对应减持数 量 | 集中竞价减持，1,000,000 股 | | 减持价格区间 | 47.25～47.25元/股 | | 减持总金额 | 47,250,000元 | | 减持完成情况 | 未完成：1,859,400 股 | | 减持比例 | 1% | | 原计划减持比例 | 不超过：2.8594% | | 当前持股数量 | 1,859,400股 | | 当前持股比例 | 1.8 ...

Group 1 - The core point of the article is that Hongsheng Co., Ltd. (603090.SH) announced the results of a share reduction by its shareholder, Changzhou Zhongke [1] - As of the announcement date, Changzhou Zhongke has reduced its holdings by 1 million shares, which represents 1.00% of the company's total share capital [1]

Group 1 - The core point of the article is that Hongsheng Co., Ltd. (603090.SH) announced the results of a share reduction by its shareholder, Changzhou Zhongke [1] - As of the announcement date, Changzhou Zhongke has reduced its holdings by 1 million shares, which represents 1.00% of the company's total share capital [1]

Core Points - The company Hongsheng Co., Ltd. announced that its shareholder, Changzhou Zhongke Jiangnan Equity Investment Center (Limited Partnership), plans to reduce its holdings by 1 million shares between September 1, 2025, and November 30, 2025, at a price of 47.25 yuan per share, totaling 47.25 million yuan, which accounts for 1% of the total share capital [1] - After the reduction, the shareholder will hold 1.8594 million shares, representing 1.8594% of the total shares, with an original plan to reduce no more than 2.8594% [1] - Future reductions will be announced as per the company's announcements [1]